Income Tax Filing

Taxation in Indian can be categorized as both direct and indirect taxes. Direct tax is a tax that is specifically based on the income, e.g. wage tax, etc. Direct tax is an income tax

Indirect tax: Indirect tax is a tax which is levied on goods or services. When you buy a cell phone or a new outfit, instead. Many indirect taxes are now subject to Goods and Services Tax.

Income Tax (Direct Tax): Someone who receives an income above a certain amount will be liable to tax.The income may be from investments, income from pension, rent, and interest, income from mutual funds, selling of property or business or professional income. Income tax rates are determined in the Union Budget (in the Indian Parliament) at the start of the financial year. The tax paid on those revenues is assessed.

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    Documents Required for Company Registration

    ITR 1

    ITR 1

    This ITR filing is for individuals whose income from Salary, Pension, House Property, or Other Sources upto INR 50 Lakhs.

    ITR 3

    ITR 3

    This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).

    ITR 5

    ITR 5

    This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP)

    ITR 2

    ITR 2

    This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources.

    ITR 4

    ITR 4

    This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for presumptive income scheme

    ITR 6

    ITR 6

    This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company

    Tax slabs for Income Tax:

    Income RangeTax rateTax to be paid
    Up to Rs.2,50,0000Non-tax
    Between Rs 2.5 lakhs and Rs 5 lakhs5%5% of your taxable income
    Between Rs 5 lakhs and Rs 10 lakhs20%Rs 12,500+ 20% of income above Rs 5 lakhs
    Above 10 lakhs30%Rs 1,12,500+ 30% of income above Rs 10 lakhs

    5 BENEFITS OF FILING INCOME TAX RETURN 

    Though According to income tax laws, filing the return and updating your ITR status is mandatory for every individual or entity whose income exceeds the threshold limit mentioned in the Income Tax Act-1961. There are certainly many benefits of filing of ITR:-

    • Avoid Penalty up to INR 10,000/-  – This year, the government has introduced a new section in the Income Tax Act-1961, i.e. section 234F wherein failing to file ITR on due date July 31, 2018, attracts a mandatory penalty of ₹ 5,000/- that may extend up to ₹ 10,000/- if not filed before 31st December, 2018.
    • Avoid Tax Notice of non-filing of ITR –  Remember, Uncle Sam is having an eye on your ITR status! In case you fail to duly file your Income Tax Return, you may get a tax notice from the Income Tax department, which would land you up in trouble. Better you timely fulfil the ITR filing process.
    • Get TDS Refund Back  – If your client or employer deduct your TDS while making payment, it might be that you’re eligible for Tax Refund. On filing Income Tax Return you can claim your TDS credit and get a refund back excess TDS deducted over your net tax liability.
    • Ease in Availing Loans  – Income Tax Return is a primary requirement of the bank and financial institution while sanctioning the loan. Income declared in Income Tax Return depicts your financial credibility which helps you to sanction loan easily.
    • Can take input or carry forward losses – Timely filing of income tax return make you eligible to carry forward your business & capital losses, if any, during a financial year which can be adjusted against income earned in the subsequent years and ultimately save your taxes.

    Which ITR Form to File when filing Income Tax Return?

    Depending on the type of income, the category the taxpayer falls under, and the income the taxpayer makes, the relevant form must be chosen.

    FormApplicabilitySalaryExempt IncomeCapital GainsHouse PropertyBusiness IncomeOther Sources
    ITR 1Resident Indian individuals and HUFsYesYes. However, income from agriculture cannot be more than Rs.5,000.NoYes. However, it can be only for one house property.NoYes
    ITR 2HUFs and individualsYesYesNoYesNoYes
    ITR 3Partner in a firm, HUF, or individualsYesYesNoYesYesYes
    ITR 4Firm, HUF, or individualYesYes. However, income from agriculture cannot be more than Rs.5,000.YesYes. However, it can be only for one house property.Only for business income that is presumptiveYes
    ITR 5LLPs or Partnership FirmsNoYesNoYesYesYes
    ITR 6CompaniesNoYesNoYesYesYes
    ITR 7TrustsNoYesNoYesYesYes

    DOCUMENTS REQUIRED FOR ITR FILING

    Digital Signature Certificate
    Form 16 & 16A
    Bank Statment
    PAN Card

    ITR FILING PROCESS

    Upload Required Documents for ITR Filing & Information to our web portal

    Our professional team will prepare computation of income & net tax liability 

    Choose Package and Pay online with different payments modes available

    On after confirmation generate the income tax challan for income tax payment 

    On placing the order, your application is assigned to one of our dedicated professional

    After tax payment, file the income tax return and share ITR-V via email

    Who should file income tax?

    Income tax is filed for both taxable income (salaries, salaries and commission) and to unearned income (dividends, interest, and rents).

    • Any corporation, whether private limited, LLP or partnership, irrespective of profit or loss, must file IT returns
    • Individuals with profit from mutual funds, bonds, securities, fixed deposits, interest income, household property, etc.
    • Individuals receiving income from charitable trusts, religious trusts or voluntary contributions
    • Individuals or companies seeking to receive tax refunds
    • Salaried individuals whose gross profit until deductions pursuant to section 80C to 80U exceeding the exemption limit.
    • All individuals with foreign income, foreign properties, NRIs and software professionals on site deputation
    • Those who have selected one job from another are eligible too.
    • Taxpayers with a maximum income of Rs. 5 lakh and above Person or Hindu resident undivided family with properties outside India.
    • Taxpayer needed to file an audit report carried out in sections 10(23C)(IV), 10(23C)(VI), 10(23C)(VI), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80IA, 80IB, 80ID, 80JJAA, 80LA, 92E or 115JB of the income tax act.
    • Resident who owns a signing authority in any account outside India.
    • Taxpayer claiming relief or deductions under section 90 or 90A
    • Everything Companies

    Frequently Asked Questions​

    For Individuals, the last date of filing Income Tax Return is 31st July of next financial year

    For Companies & Persons who require tax audit under section 44AB, the last date of filing Income Tax     Return is 30th September of next financial year

    If you mandatorily requires filing income tax return but failed to do so then you are liable to pay penalty amounting to INR 5000

    You can file revised return & correct the mistakes/errors. The revised return can be filed at any time before the expiry of 1 year from the end of the relevant assessment year 

    If your total income exceeds Rs 50 lakhs.

    If you have foreign assets

    If you have agricultural income which is more than Rs. 5,000,

    If you have taxable capital gains

    If you have income from business or profession

    If you have income from more than one house property

    This Return Form should not be filed by an individual whose total income for the assessment year 2017-18 includes Income from Business or Profession.

    The old ITR-4 tax form has been renamed ITR-3. If you’ve e-filed an ITR-3 for FY 2015-16, then you must file an ITR-2 now.

    The old ITR-4S tax form has been renamed ITR-4. If you’ve e-filed an ITR-4 for FY 2015-16, then you must file an ITR-3 now

    No, You don’t need to be physically present for the process, Kanakkiyal is an online catering platform all you need is an internet connection  in your phone/computer and the required documents with you and we can get the job done no matters even if you are present at the remotest location of India

    Taxpayers are not required to attach any documentation such as investment proof, TDS certificates, for ITR return forms along with income return (whether manually filed or electronically filed). These documents, however, should be maintained by the taxpayer and sent to the tax authorities as requested in scenarios such as assessment, inquiry, etc.

    You will claim the excess tax as refund by filing your income tax return. This will be refunded by ECS transfer and credited back to your bank account. It is necessary to ensure that no mistakes are made when mentioning bank account details in the ITR form such as account number, IFSC code etc.

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